When the financial crisis came in September 1873, our business was developing rapidly. However, shortly afterwards, I entered the most anxious day of my business career. In the beginning, everything went smoothly, until one morning, we received a telegram in our summer hut in Allegheny Mountain, informing us that the Jay Cook Bank had closed down. After that, bad news came almost every hour, and bank after bank went bankrupt. Every morning, we are thinking about which one will close next. The bank's failure cut off the funding sources of other companies, and the company suffered more and more losses, until the entire business system was paralyzed in the end. The crisis exposed many problems. Banks that should have been strong were forced to close down, largely because our country lacks a sound banking mechanism.